Equatorial Guinea: one of the world's fastest growing economies

Equatorial Guinea currently has one of the world's fastest growing economies with a 2006 growth rate percentage of 18.9. China, second to Equatorial Guinea, has a growth rate percentage of 9.2. According to 2007 CIA World Factbook Statistics, Equatorial Guinea is in seventh place behind Azerbaijan (31.00) ,Timor-Leste (24.00), Macau (16.60 in 2006), Angola (16.30), Armenia (13.70) Sudan (12.80) with a GDP real growth rate percentage of 12.70. According to those same statistics. Equatorial Guinea is currently in 5th place behind Sudan (32.00), Azerbaijan (31.00), Angola (24.40) and Vietnam (17.10) with a 14.10% industrial production growth rate.

The Republic of Equatorial Guinea is a country in Central Africa. With a population of over 500,000 and one of the smallest countries in continental Africa. Equatorial Guinea's capital and largest city is Malabo located in the the most populated province, the Bioko Norte Province on the northern coast of Bioko Island (formerly Fernando PÑ) on the rim of a sunken volcano. Its population has grown rapidly over the past ten years to about 100,000. The official languages of Equatorial Guinea are Spanish(67.6%) and French (27%). Other languages include Portuguese, Fang, Bubi (also spelled Bube) and Annobonese.

Equatorial Guinea has yet to recover from the scars of President Francisco MacÕas Nguema's "reign of terror," in which Equatorial Guinea was widely known as the "Auschwitz of Africa" because of MacÕas Nguema's near-genocide campaign of the country's Bubi minority, which formed the majority on Bioko Island, while bringing many of his own tribespeople, the Fang, to Malabo.

Currenly under Teodoro Obiang Nguema Mbasogo's rule, Equatorial Guinea has been significantly affected by Mbasogo's growing cooperation with the oil industry after the discovery of large oil reserves in 1996. Equatorial Guinea has experienced rapid economic growth due to the discovery of the large offshore oil reserves, and in the last decade has become Sub-Saharan Africa's third largest oil exporter. In 2004, the Equatorial Guinea's production has reached 360,000 barrels per day. As a result Malabo's population has nearly doubled.

Equatorial Guinea's commodities include petroleum, methanol, timber and cocoa. It's main industries include petroleum, fishing, sawmilling and natural gas. The country's agricultural products include coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts, livestock and timber. It's GDP is composed of agriculture (2.8%), industry (92.5%) and services (4.6%).

The country's currency is Central African CFA franc (XAF), which is shared with 5 other independent states in central Africa including Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. Equatorial Guinea, Gabon and Central African Republic are all developing countries.